What happened to Odell Beckham Jr and his Bitcoin contract? Superstar WR could be left with less than chump change after crypto crash
Odell Beckham Jr. was already in the headlines as he's closer to playing in the 2022-2023 season. However, the free agent wide receiver's contract last season with the Los Angeles Rams is now in the headlines thanks to a recent crypto crash. The cryptocurrency is currently valued at around $35K USD.
News of Bitcoin's price drop has been unlucky for Beckham Jr. and his revenue. He had a one-year, $750K contract with the Rams that he converted to Bitcoin.
Sports business reporter Darren Rovell reported that his whole salary is now worth just $413K USD, not the $750K USD, excluding taxes. Once taxes come into the picture, the free agent wideout makes around $35K USD, the equivalent to one Bitcoin.
Since there is no guarantee if Bitcoin will continue to fall or reach the same heights as prior, it is uncertain if the receiver will benefit in the future.
If Odell Beckham Jr. is still holding on to the Bitcoin he converted his entire 2021 salary into, he’s now deeply in the negative.
The math: https://t.co/dMvDdtmlZO
However, it is certain that OBJ has not received the best of news in regards to his salary.
On the Fox Sports 1 show "Covino and Rich," they discussed some of the worst deals and investments in sports history. The three-time Pro Bowler's contract with the Rams was the focal point of the conversation. Both commented that it may not be the worst choice ever made by a player, but it’s certainly up for debate.
Rich said:
“He paid to play in the NFL last year"
Covino replied:
“If OBJ still has that bitcoin, his 2021 season, which ended in a Super Bowl title, cost him almost $200,000!”
Odell Beckham Jr Bitcoin Contract
Odell Beckham Jr. signed with the Los Angeles Rams back in November last season. The contract was a one-year, $750K deal that he decided to take in Bitcoin. At the time, Bitcoin hit all-time highs. It shattered currency records and was even worth exactly $64K per coin. Now, he's potentially lost around $187K based on the Bitcoin-based deal.
The former New York Giants star may not be the only player impacted by the recent crash. Tampa Bay Buccaneers quarterback Tom Brady and his now ex-wife joined the cryptocurrency company FTX last year. While the three-time NFL MVP won't go broke, his brand TB12 could take a hit as he used the TB12 brand to promote the company.
If you use any of the above quotes, please credit Fox Sports Radio and H/T Sportskeeda.